Petronas president and group CEO Tengku Muhammad Taufik Tengku Aziz: “While the effects of the pandemic are difficult to estimate, their impact cannot be overstated as the industry continues to face the dual impact of demand destruction combined with an oil price rout due to the supply glut." KUALA LUMPUR: Petroliam Nasional Bhd expects the outlook for the industry to remain challenging due to the Covid-19 pandemic, oil demand destruction and an oil price rout. In the annual Petronas Activity Outlook (PAO) for 2021-2023 issued on Thursday, president and group CEO Tengku Muhammad Taufik pointed out to the emerging fresh waves in the number of Covid-19 cases and prevailing uncertainties over Opec+ production cuts in 2021. “While the effects of the pandemic are difficult to estimate, their impact cannot be overstated as the industry continues to face the dual impact of demand destruction combined with an oil price rout due to the supply glut, ” he said. He said Petronas believes the industry is now contending with a Great Reset. This is an undeniable and unavoidable imperative, requiring immediate reforms along the whole value chain. “Collectively, as an industry, we must step up from doing business as usual and compel innovation at all levels - implementing new ways of working with focused execution at pace, ” he said. The PAO shares the company’s insights into industry trends, demand outlook and the upcoming activities of Petronas’ upstream, gas & new energy and downstream businesses. In a statement released through Bernama, Petronas said for 2021, the national oil company anticipates the outlook for the industry to still remain challenging, impacted by the unprecedented demand destruction from the Covid-19 pandemic which had resulted in a profound impact both domestically and globally. Petronas maintains a prudent view despite the collapse in oil prices and will continue to accelerate the transition towards a low-carbon economy, spurring policy intervention and global collaborations across industries. Although gas remains a crucial and cleaner source of fuel, diversification into renewable energy is imperative. Its vice president of group procurement, Freida Amat said: “The current crisis presents us with the need to remain resilient and agile, taking decisive measures in weathering the market volatility and energy transition.” Freida added it is imperative for industry players to adapt and embrace the new normal. Working with tighter margins require industry players to shift the norms, embrace digitalisation, technology advancement and creative partnership to unlock opportunities. Petronas foresees a steady outlook for production support, drilling, fabrication and installation of wellhead platforms and subsea facilities as well as decommissioning activities. However, a modest outlook is expected for fabrication and installation of central processing platforms as well as project support vessels. In the report, Petronas also shared insights that will have a positive impact on the industry and among the highlights are: • Petronas is pushing further for the increase in use of natural gas as a cleaner source of fuel in the energy transition while building capabilities in renewable energy which presents opportunities for Oil and Gas Services and Equipment (OGSE) industry players. • Digital journey enhanced by collaboration with technology partners to mature digitally-enabled technologies for remote applications in Petronas’ onshore and offshore operations, strengthening the fundamentals and focusing on ensuring safe and secure operations to thrive in the new normal. • Petronas is maturing technologies to support its sustainability aspirations of achieving net zero carbon emissions by 2050.
ios developer account
buyappleacc.com selling ios developer account for lowest price and best quality, choose us, you will never regret. take one little step with us, you can enjoy the best services.